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(b) Prepare a production budget for 2017 under each plan. PRONGHORN INDUSTRIES Production Budget Plan A Plan B eTextbook and Media Save for Later Attempts: 0 of 3 used Submit AnswerPronghorn Industries had sales in 2016 of $7,200,000 and gross prot of $1,158,000. Management is considering two alternative budget plans to increase its gross prot in 201?. Plan A would increase the selling price per unit from $3.00 to $8.40. Sales volume would decrease by 10% from its 2016 level. Plan Bwould decrease the selling price per unit by $0.50. The marketing department expects that the sales volume would increase by 111,000 units. At the end of 2016, Pronghorn has 40,000 units of inventory on hand. If Plan A is accepted, the 2017 ending inventory should be equal to 5% of the 2017 sales. If Plan Bis accepted,the ending inventory should be equal to 68,000 units. Each unit produced will cost $1.80 in direct labor, $1.40 in direct materials, and $1.20 in variable overhead. The xed overhead for 2017 should be $ 1, 500,000. (a) V Your answer is correct. Prepare a sales budget for 2017 under each plan. [Round Unit selling price answers to 2 decimal places, e.g. 52. 70.) PRONGHORN INDUSTRIES Sales Budget Forthe Year Ending December 31, 201? 3 Plan A Plan B Expected unit sales I 810000 I 1.011.000 Unit selling price $ 8.40 $ 79.50 Total sales $ 6.804 .000 $ 1532. 500